The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

The UK is working to cement “better, stronger ties” with Commonwealth countries including The Bahamas following the Trump administration’s tariff imposition on all trading partners, a senior official said.

Lord Marland, chairman of the Commonwealth Enterprise and Investment Council, told Tribune Business during a visit to The Bahamas ahead of the Commonwealth Heads of Government Meeting (CHOGM) next year that although the UK has been “very slow” to cement trade deals following its exit from the European Union (EU) the changing geopolitical landscape has presented an opportunity.

“I think the UK government has been very slow to take the opportunity of, after Brexit, setting up trade deals,” he acknowledged. “And I think the decision by America to put tariffs on the UK has made it realise that, actually, it needs to cement ties - better, stronger ties - with some of the countries it’s neglected over the years.

“And a number of those are Commonwealth countries. The UK has got a big, big role to play, and hasn’t really been playing that role for a while, but now it has an opportunity to do so.” Lord Marland said The Bahamas is well-positioned, and has the capability to both receive and ship goods directly from other Caribbean and Latin American partners, bypassing US ports.

This arrangement could see The Bahamas become a hub for goods exported from Commonwealth countries to the US, UK and others. “I think the Caribbean region imports a lot of produce. It goes via America. And given the strength of your ports and your own structure here, there’s no good reason why it shouldn’t come directly here,” said Lord Marland.

“People might want to sell directly into The Bahamas, who could then export to the States. They buy produce directly from these producing nations, rather than going by America. And, of course, if you look at Commonwealth countries, they are big exporters of produce and direct travel would be a very good thing.”

Lord Marland said The Bahamas also offers a “safe and secure” environment with good tax incentives that are appealing to many wealthy UK residents looking to purchase second homes.

“The Bahamas offers to many of our wealthier citizens a place to come and live in a good tax environment. It’s safe and secure. Has got a rule of law, good education system. All these things are attractive to people who are being squeezed in a very heavy tax burden in the UK. The Bahamas is incredibly well positioned to take advantage of that,” said Lord Marland.

After his visit to the capital, he will continue to the Cayman Islands, Jamaica and conclude with a visit to Antigua to discuss arrangements for the upcoming CHOGM and the Commonwealth Enterprise and Investment Council (CWEIC) business forum.

Lord Marland said the business forum will focus on the impact climate change is having on business in small island states, banking and how jurisdictions in the Caribbean can continue serving as low tax economies.

“We’ll be looking at the impact of climate change on business in island states, which suffer from [high] insurance, and how that can be used to support the people of the colonies rebuilding banking relationships because banks have withdrawn from the Caribbean, encouraging them to return,” said Lord Marland.

“Then there will be how the Caribbean can continue to be a safe and secure haven for people who want to come and move from high tax economies to ones with low taxation. Bermuda, The Bahamas, Cayman Islands, Turks and Caicos, to name but a few, have established themselves as a lower tax economy, good places to live, which could be central points for commerce and trade.”